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The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB): Safeguarding Consumer Rights in the U.S.

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Research “THE FEDERAL TRADE COMMISSION” and “THE CONSUMER FINANCIAL PROTECTION BUREAU”
Address, at a minimum, the following:
The legal protections afforded to consumers by these bodies
The rules/laws/regulations that these bodies apply/enforce to provide those protections
The steps that are taken to investigate/enforce violations of consumer rights
The penalties that may be imposed for violating these rules/laws/regulations
The “real” impact and significance of their activities on U.S. commerce
Cite 3-5 cases along with brief, case summaries to present examples of how at least one of these bodies (and their rules/laws/regulations) has protected a consumer.
Anything else that you can add
Guidelines for Submission:
Follow the appropriate rules for citation as they apply to your discipline
APA for business students
Uniform Bluebook of Citations for paralegal and legal studies students
To fully address the main points of this Act, at least five pages would be required (not including cover page or reference page)
At least five credible sources are required (i.e. scholarly or professional, not wiki sites)
Submit as a Word Document, Double-Spaced, Times New Roman, 12 Point Font with 1″ Margins

Guideline for “The Federal Trade Commission (FTC) and The Consumer Financial Protection Bureau (CFPB)” Paper

Introduction

Brief Overview: Begin by introducing the FTC and CFPB. Mention their roles in consumer protection, focusing on what they are and why they matter.
Purpose: Explain the purpose of the paper, which is to explore the legal protections these agencies offer to consumers, the laws and regulations they enforce, and the impact of their work on U.S. commerce.
Scope: State that the paper will cover the rules/laws these agencies enforce, the investigative/enforcement procedures, penalties for violations, and the impact of their actions on the marketplace.

Section 1: Legal Protections Afforded to Consumers by the FTC and CFPB

FTC:
- Explain the scope of the FTC’s consumer protection role, including protection from fraud, deception, and unfair business practices.
- Example: The enforcement of the FTC Act and Telemarketing Sales Rule.
CFPB:
- Describe the CFPB’s role in protecting consumers in the financial sector (loans, mortgages, credit, etc.).
- Example: Enforcement of laws like the Dodd-Frank Act and Truth in Lending Act.

Section 2: Rules/Laws/Regulations Enforced by the FTC and CFPB

FTC:
- List and explain key laws/regulations enforced by the FTC, such as the FTC Act, Fair Credit Reporting Act, and Telemarketing Sales Rule.
CFPB:
- List and explain key laws/regulations enforced by the CFPB, such as the Equal Credit Opportunity Act, Fair Debt Collection Practices Act, and Home Mortgage Disclosure Act.

Section 3: Investigative and Enforcement Procedures

FTC:
- Explain how the FTC investigates consumer complaints and enforces its regulations.
- Include methods like monitoring industry practices, responding to consumer complaints, and initiating investigations.
- Mention actions like civil lawsuits and penalties.
CFPB:
- Explain how the CFPB investigates consumer complaints, supervises financial institutions, and takes enforcement action.
- Detail their approach to using consumer complaints, market monitoring, and legal actions.

Section 4: Penalties for Violations

FTC:
- Explain the penalties the FTC imposes for violations, including civil penalties and consumer redress (refunds).
- Include examples of penalties (e.g., fines for deceptive marketing or fraud).
CFPB:
- Discuss civil money penalties and restitution orders.
- Mention consequences like fines for non-compliance and the requirement to provide compensation to harmed consumers.

Section 5: Real Impact of FTC and CFPB on U.S. Commerce

Discuss the broader impact of the FTC and CFPB’s work on the U.S. economy.
- Examples:
  - The role of these agencies in maintaining market integrity.
  - How their activities foster consumer confidence in businesses.
  - The consequences of their work on business ethics and competition.

Section 6: Case Studies of Consumer Protection by FTC and CFPB

Case 1: FTC v. Volkswagen:
- Summary of the case and outcome.
- Impact on consumers and businesses.
Case 2: CFPB v. Equifax:
- Summary of the case and outcome.
- Impact on consumers and businesses.
Case 3: FTC v. Amazon:
- Summary of the case and outcome.
- Impact on consumers and businesses.
Case 4: CFPB v. CashCall:
- Summary of the case and outcome.
- Impact on consumers and businesses.
Case 5: FTC v. Herbalife:
- Summary of the case and outcome.
- Impact on consumers and businesses.

Section 7: Summary and Conclusion

Summarize the main points from each section of the paper.
Reflect on the importance of consumer protection agencies in the U.S. market.
Suggest ways to further improve consumer protection based on the insights gained from your paper.

References

At least five credible sources are required for the paper, including case law and scholarly articles.
- Ensure you use APA or Bluebook citation style (depending on the guidelines).
- Examples of sources could include:
  - FTC official reports and publications
  - CFPB resources and articles
  - Scholarly journal articles on consumer protection law

Formatting Guidelines

Word Count: The paper should be between 5-6 pages long (excluding the title and reference pages).
Font: Use 12-point Times New Roman font.
Spacing: Double-spaced with 1-inch margins.
Citation Style: Use APA format (or Bluebook if specified by your instructor).

Additional Notes

Critical Analysis: Your paper should not only describe but also critically analyze the role of the FTC and CFPB in protecting consumers. Address any gaps or opportunities for improvement in consumer protections.
Case Study Details: For each case you present, provide a clear summary and analysis of how the case demonstrates the enforcement of consumer protection laws and the real-world impact on businesses and consumers.

By following this structured approach, you should be able to present a thorough, well-organized paper that addresses all the points required and offers a detailed exploration of the FTC and CFPB’s roles in consumer protection.